Ethereum's price has started to decline below the critical $2,550 support, which is a concern for investors. ETH is currently trading below $2,500, which is also below the 100-hourly Simple Moving Average, hinting at bearish momentum. The price needs to clear the $2,500 resistance zone to recover value.
The recent decline followed an earlier high near the $2,650 resistance zone. Despite some upward movements and trading above the $2,450 resistance, Ethereum's price faces hurdles at the $2,500 level and could decline further if this isn't overcome. A significant resistance sits around $2,550. If broken, ETH could aim for $2,600.
On the downside, the first support seems to hold at $2,450. A further break below $2,420 could push ETH towards significant supports at $2,350 and potentially $2,320. The Technical Indicators suggest the MACD is losing bearish momentum, but the RSI is above the 50-mark, indicating potential volatility.
